Business
Health Catalyst Reports Third Quarter 2022 Results
SALT LAKE CITY, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology
About this update from Health Catalyst, Inc
[{"type":"text","content":"SALT LAKE CITY, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. (\"Health Catalyst,\" Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter ended September 30, 2022. “In the third quarter of 2022, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA, and, based on an expanding pipeline and ahead-of-schedule cost reduction efforts, we are also pleased to raise our full year 2022 revenue and Adjusted EBITDA guidance. In addition, we now expect our 2022 dollar-based retention achievement level to be between 97% and 101%, an increase relative to the range we shared last quarter. This incremental confidence is driven by growth in our existing client expansion pipeline relative to prior expectations and a modest reduction in forecasted churn for 2022.” said Dan Burton, CEO of Health Catalyst. “In addition to this financial and operational execution, we held our ninth annual Healthcare Analytics Summit conference in Salt Lake City in September. We viewed this year’s in-person event as highly successful, hosting over a thousand attendees, representing more than 175 existing client and prospective client organizations, and included over 70 representatives from existing client organizations presenting their improvement case studies realized in partnership with Health Catalyst. This year’s Summit was an important opportunity for Health Catalyst to continue to provide thought leadership within the healthcare data and analytics ecosystem, while further cultivating and deepening our relationships with clients and prospects.” Financial Highlights for the Three Months Ended September 30, 2022 Key Financial Metrics Three Months Ended September 30, Year over Year Change 2022 2021 GAAP Financial Data:(in thousands, except percentages, unaudited)Technology revenue$43,997 $38,262 15%Professional services revenue$24,357 $23,475 4%Total revenue$68,354 $61,737 11%Loss from operations$(45,721) $(42,249) (8)%Net loss$(45,735) $(40,014) (14)%Other Non-GAAP Financial Data:(1) Adjusted Technology Gross Profit$29,993 $26,731 12%Adjusted Technology Gross Margin 68% 70% Adjusted Professional Services Gross Profit$4,970 $4,696 6%A...